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6 state-owned banks asked to cancel contracts with MDs, CEOs
Banking
Abul Kashem & Shaikh Abdullah
19 September, 2024, 08:55 pm
Last modified: 20 September, 2024, 01:31 am

The banks are Sonali, Janata, Agrani, Rupali, BASIC, and Bangladesh Development Bank

In a significant move as part of banking sector reforms, the government has ordered six state-owned commercial banks to cancel the remaining terms of the contracts with their managing directors and chief executive officers.
The Ministry of Finance's Financial Institutions Division has directed the chairpersons of these banks – Sonali, Janata, Agrani, Rupali, BASIC, and Bangladesh Development Bank – to terminate the contracts, according to officials of the Division.
In separate letters sent to the chairpersons of the banks, the Financial Institutions Division directed the banks to take regulatory actions concerning the cancellation of the contracts in accordance with the Bank Company Act.
This is the first time the interim government has cancelled appointments of top executives in state-owned banks since the fall of the Hasina government on 5 August.
Previously, while the governor and deputy governors of the Bangladesh Bank, as well as chairpersons of commercial banks, resigned after Hasina's ouster, the interim government did not revoke any appointments in state-owned banks.
Financial Institutions Division officials said the decision has been taken as part of the interim government's banking sector reforms. Policymakers in the interim government believe that maintaining the current managing directors will hinder effective banking sector reforms.
These CEOs and MDs were appointed through agreements with their respective bank boards, making the authority to terminate their contracts a responsibility of the banks' boards or chairpersons, said the officials.
They explained that the contracts include specific provisions for cancellation, which adhere to various conditions. Implementation will be carried out through the company secretary, which is why chairpersons have been instructed to proceed with the terminations.
Following the cancellation of the current MDs, the Financial Institutions Division will appoint new executives, they mentioned.
The government appoints MDs and CEOs of state-owned banks for three-year terms.
Afzal Karim was appointed as the managing director of Sonali Bank on 14 August 2022, while Md Abdul Jabbar took over as MD of Janata Bank on 3 May 2023.
Mohammad Jahangir was appointed MD of Rupali Bank on 28 August 2022, and Morshedul Kabir was named MD of Agrani Bank on 14 August 2022.
Besides, BASIC Bank's MD and CEO, Anisur Rahman, joined the bank on 1 April 2021. Habibur Rahman Gazi was appointed as the MD and CEO of Bangladesh Development Bank Limited in November 2022.
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